Breakfast News - AIM Breakfast : Beowulf Mining plc, Central Asia Metals Ltd, CAP-XX, Earthport plc, Jersey Oil and Gas PLC, Kodal Minerals, Mountfield Group Plc, Plant Impact, President Energy PLC, Totally Plc, Union Jack Oil PLC


What’s cooking in the IPO kitchen?


Totally (LON:TLY) - Sch 1 for £11m RTO of Vocare,  a provider of integrated urgent care services to the NHS throughout the UK. £76.8 million rev in the year ended 31 March 2017. Totally to address Care Quality Commission concerns. Due 24 Oct.

Central Asia Metals (LON:CAML) -RTO of Lynx Resources. Anticipated market capitalisation at Admission: £404.8m. Raising £113m at 230p. Acquiring the SASA zinc-lead mine in Macedonia from Solway Industries. Due 15 Dec.

Alpha Financial Markets Consulting— Global provider of specialist consultancy services to the asset and wealth management industry. Due Oct. Revenue of £6.7 million for the year ended 31 March 2011 to £43.6 million for the year ended 31 March 2017. Offer TBA.  Due 11 Oct.

Springfield Properties—Scottish housebuilder. “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.” Expected Mid October. Offer TBA.

OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.

Main Market Standard Listing

Glenveagh Properties— Dual Dublin and London IPO. Irish homebuilder with a principal focus on the Greater Dublin Area. The Group will combine an attractive land bank with a Gross Development Value of c.€1.1 billion. Seeking to raise gross proceeds of up to €550 million. Due 10 Oct

Main Market Premium Listing

Russia’s En+, owned by Russian aluminium tycoon Oleg Deripaska, has assets in metals and energy, including hydropower.  reported to be seeking dual London and Moscow listing raising $1.5bn

TMF Group , which provides tax, admin and legal support services, reported to be seeking London IPO to raise c. £200m.

People’s Investment Trust—Objective of sustainable wealth creation. Also to list on the Social Stock Exchange. Targeting £125m raise on 17 Oct. No performance fees or executive bonuses in order to focus on long term rather than short term performance.

ContourGlobal LP—Report on Bloomberg that the thermal energy power generator is considering a London listing.


Breakfast buffet

Union Jack Oil (LON:UJO) 0.14p £5.85m

The UK-focused, onshore oil and gas production and exploration company has acquired the entire onshore hydrocarbon portfolio interest of Nautical Petroleum Limited, a wholly owned subsidiary of Cairn Energy PLC. The portfolio comprises: PEDL005(R) containing the producing Keddington oilfield (10%)

·     PEDL339 containing the Louth Prospect with an estimated Stock Tank Oil Initially in Place of 5.5 million barrels (10%)

·     PEDL203 containing the Kirklington 3-Z well which will be production ready once remedial works to site equipment are carried out should a future production decision be made (16.67%)

·     PEDL118 containing the de-commissioned Dukes Wood oilfield where unproduced reserves are believed to exist (16.67%)

The consideration for the acquisition is £25,000 and Union Jack has assumed all further financial costs for the above assets with immediate effect.  The cost of the transaction will be financed from existing cash resources.

Plant Impact (LON:PIM) 27.5p £26.01m

The specialist in research and development in crop enhancement products that growers can rely on to improve the yield and quality of their crops, today announced FYJul17 results. Revenue increased 17% to £8.5m (2016: £7.2m), primarily reflecting Veritas® sales in Brazil. Total R&D investment increased 43% to £4.2m (2016: £2.9m), including £1.6m of capitalised costs (2016: £1.2m) with novel new compounds identified and pipeline progress achieved. Adjusted operating loss £3m from £0.2m.   In total, the Directors believe, at this early stage, that revenue for FY18 will be around £13m with gross margins somewhat lower than those achieved in the last financial year due to the impact of product mix, but operating expenses also reduced. Expectations based largely around the purchase plan with BCS.

Kodal Minerals (LON:KOD) 0.28p £17.7m

The ‘mineral exploration and development company, is pleased to announce that Shandong Ruifu Lithium Co Ltd, one of the largest lithium carbonate producers in China, has produced a high quality, low impurity battery grade lithium carbonate using spodumene concentrate from the Company's Bougouni lithium project in Southern Mali ("Bougouni" or the "Bougouni Project").’

This processing testwork confirms the Bougouni spodumene concentrate's amenability for downstream processing into a final lithium carbonate product with excellent conversion and recovery of lithium mineralisation at all stages of processing;

President Energy  (LON:PPC) 8.12p £77.48m

The upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina, provides an update on its recently acquired oil producing assets at Puesto Flores and Estancia Vieja in the prolific Neuquén Basin situated in the Rio Negro Province, Argentina.


Initial work programme to commence in the next month through to the end of the year, funded out of existing cash flow

Plan comprises of the workover of three firm wells and two additional contingent wells

Of the five wells, four were shut in prior to President's acquisition

Objective of the work is to bring back into production the wells and test by-passed intervals which during original drilling demonstrated evidence of hydrocarbons.

CAP-XX (LON:CPX) 14.62p £43.58m

FYJun17 results from the specialist in the design and manufacture of thin, flat supercapacitors and energy management systems.  Sales revenue of A$4.1m (2016: A$5.0 m) and EBITDA loss of A$1.2m (2016: A$0.7 m) in line with guidance announced on 7 June 2017. Royalty revenue of A$0.7 million (2016: A$0.2 million) up 177%. Q4 Murata royalty up over 50% on prior quarter, following major new product launches during the year. Introduction of additional product ranges by AVX during the year. The Board believes that the Company's IP and patent portfolio is in its strongest position ever. Cash reserves at the end of June 2017 were A$3.9m. The major short-term focus for CAP-XX is to drive the adoption of the Company's intellectual property and products, both large and small, into key target markets through future licence deals; joint ventures and direct product sales. Although much has been achieved in the past, the Company expects to see additional progress over the next twelve months and beyond. We could see no forecasts.

Earthport (LON:EPO) 19.75p £96.42m

The ‘payment network for cross-border transactions, is pleased to announce that it has been appointed by SECB Swiss Euro Clearing Bank GmbH ("SECB"), a major euro payment clearing hub for Swiss banks, to provide SWIFT payment processing services. 

Headquartered in Frankfurt, Germany, SECB processes euro transactions for banks and other businesses domiciled in Switzerland. The new contract with Earthport will enable SECB to enhance its cross-border payment capabilities, further increase payment processing efficiency and add greater value to its customers.

SECB becomes Earthport's first client in Germany, which marks an important milestone in the growth of the Company in Europe.’

FYJun17E rev £30.3m, loss £5.17m.

  Mountfield (LON:MOGP) 2.15p £5.47m

‘Further to the half-yearly report announced on 12 September 2017, Connaught has been awarded a significant contract to supply and install raised access flooring and associated products for a major City of London office development.


The contract has been awarded by a global construction and fit out company from which Connaught has previously won, and successfully delivered, a number of contracts. The Directors believe this contract is for one of the largest flooring installations planned in the current market in London.


The contract works (which are scheduled to commence in October 2017 and run for approximately 12 months) have an initial sales value of circa £4m including negotiated project variations to date.’ We could see no forecasts.

Jersey Oil and Gas (LON:JOG) 185p £18.4m

The independent upstream oil and gas company ‎focused on the UK Continental Shelf region of the North Sea, ‘is pleased to announce an oil discovery in the Verbier sidetrack well, 20/05b-13Z. The well has been drilled safely and within budget to the planned total depth of 3811m and a suite of log data has been acquired via Logging While Drilling, including pressure data.

Preliminary analysis indicates:

·   The well has proven a hydrocarbon accumulation in good quality sands, up dip of the water bearing sands encountered in the initial well

Evaluation of the well results, together with the existing 3D seismic data is ongoing

Initial Operator estimates of gross recoverable resources associated with the Verbier discovery are between 25 and 130 million barrels of oil equivalent, with a minimum proven recoverable volume in the immediate vicinity of the wellbore of 25 million barrels of oil equivalent.’

Beowulf Mining (LON:BEM) 8p £42.06m

‘The mineral exploration and development company, focused on the Kallak magnetite iron ore project ("KIOP") and the Åtvidaberg polymetallic exploration licence in Sweden, and its graphite portfolio in Finland, is pleased to announce that it has appointed SRK Consulting (UK) Limited ("SRK") to complete a Scoping Study on the KIOP.

SRK has already commenced work, and completion of the Scoping Study is scheduled for the end of February 2018.’

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